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Exhibit 21
Subsidiaries of Franklin BSP Realty Trust, Inc.
NameJurisdiction of Incorporation/Formation
Benefit Street Partners L.L.C.Delaware
Benefit Street Partners Realty Operating Partnership, L.P.Delaware
Benefit Street Partners Realty Trust TRS, LLCDelaware
BPSRT Jeffersonville Member, LLCDelaware
BSPRT 2020-C9 Owner, LLCDelaware
BSPRT 2021-FL6 Issuer, Ltd.Cayman
BSPRT 2021-FL7 Issuer, Ltd.Cayman
BSPRT 2022-FL8 Co-Issuer, LLCDelaware
BSPRT 2022-FL8 Holder, LLCDelaware
BSPRT 2022-FL8 Issuer, Ltd.Cayman
BSPRT 2022-FL8 Seller, LLCDelaware
BSPRT 2023-FL10 Holder, LLCDelaware
BSPRT 2023-FL10 Issuer, LLCDelaware
BSPRT 2023-FL10 Seller, LLCDelaware
BSPRT 2024-FL11 Holder, LLCDelaware
BSPRT 2024-FL11 Issuer, LLCDelaware
BSPRT 2024-FL11 Seller, LLCDelaware
BSPRT 2025-FL12 Holder, LLCDelaware
BSPRT 2025-FL12 Issuer, LLCDelaware
BSPRT 2025-FL12 Seller, LLCDelaware
BSPRT Atlas Mezzanine Loan Seller, LLCDelaware
BSPRT Atlas Mezzanine Loan Subsidiary, LLCDelaware
BSPRT BB Fixed, LLCDelaware
BSPRT BB Float, LLCDelaware
BSPRT BB Loan, LLCDelaware
BSPRT CMBS Finance, LLCDelaware
BSPRT CRE Cheyenne, LLCDelaware
BSPRT CRE Equity, LLCDelaware
BSPRT CRE Finance, LLCDelaware
BSPRT CRE JAX Pref, LLCDelaware
BSPRT CS Loan, LLCDelaware
BSPRT Finance Counterparty, LLCDelaware
BSPRT Finance Sub-Lender I, LLCDelaware
BSPRT Finance Sub-Lender II, LLCDelaware
BSPRT High Yield Securities, LLCDelaware
BSPRT Jeffersonville, LLCDelaware
BSPRT JPM Loan, LLCDelaware
BSPRT Knox Owner, LLCDelaware
BSPRT Minn Owner, LLCDelaware
BSPRT NOLA I Finance, LLCDelaware







BSPRT Oliver Finance, LLCDelaware
BSPRT OP Sub I, LLCDelaware
BSPRT Pickwick, LLCDelaware
BSPRT St. Louis Place, LLCDelaware
BSPRT Walgreens Portfolio 1, LLCDelaware
BSPRT Walgreens Portfolio 10, LLCDelaware
BSPRT Walgreens Portfolio 11, LLCDelaware
BSPRT Walgreens Portfolio 12, LLCDelaware
BSPRT Walgreens Portfolio 13, LLCDelaware
BSPRT Walgreens Portfolio 14, LLCDelaware
BSPRT Walgreens Portfolio 15, LLCDelaware
BSPRT Walgreens Portfolio 16, LLCDelaware
BSPRT Walgreens Portfolio 17, LLCDelaware
BSPRT Walgreens Portfolio 18, LLCDelaware
BSPRT Walgreens Portfolio 19, LLCDelaware
BSPRT Walgreens Portfolio 2, LLCDelaware
BSPRT Walgreens Portfolio 20, LLCDelaware
BSPRT Walgreens Portfolio 21, LLCDelaware
BSPRT Walgreens Portfolio 22, LLCDelaware
BSPRT Walgreens Portfolio 23, LLCDelaware
BSPRT Walgreens Portfolio 24, LLCDelaware
BSPRT Walgreens Portfolio 3, LLCDelaware
BSPRT Walgreens Portfolio 4, LLCDelaware
BSPRT Walgreens Portfolio 5, LLCDelaware
BSPRT Walgreens Portfolio 6, LLCDelaware
BSPRT Walgreens Portfolio 7, LLCDelaware
BSPRT Walgreens Portfolio 8, LLCDelaware
BSPRT Walgreens Portfolio 9, LLCDelaware
BSPRT Walgreens Portfolio, LLCDelaware
BSPRT WFB Loan, LLCDelaware
Capstead Capital CorporationDelaware
Capstead Inc.Delaware
Capstead Securities Holding, LLCDelaware
CMC Securities Corporation IV (f/k/a CMC SC IV)Delaware
FBRT 1660 Lincoln Owner, LLCDelaware
FBRT 86 North Owner, LLCDelaware
FBRT BBSS Finance, LLCDelaware
FBRT Bridgepoint Owner 2, LLCDelaware
FBRT Bridgepoint Owner, LLCDelaware
FBRT Campbell's Creek Owner, LLCDelaware
FBRT Churchill Finance, LLCDelaware







FBRT Cienda Owner, LLCDelaware
FBRT Claridge House Owner, LLCDelaware
FBRT Cobb House Owner 2, LLCDelaware
FBRT Cobb House Owner, LLCDelaware
FBRT Excess MSR Holder LLCDelaware
FBRT Fredericksburg Owner, LLCDelaware
FBRT Fremont Owner, LLCDelaware
FBRT Garfield, LLCDelaware
FBRT GVA Holdco, LLCDelaware
FBRT Haverwood Owner, LLCDelaware
FBRT Lewisville Owner, LLCDelaware
FBRT LIV Cleveland, LLCDelaware
FBRT Luckman Holder, LLCDelaware
FBRT Luckman Owner, LLCDelaware
FBRT Lynx Owner, LLCDelaware
FBRT Mallard Green Owner, LLCDelaware
FBRT OP LLC (f/k/a Benefit Street Partners Realty Trust LP, LLC)Delaware
FBRT Patten West Owner, LLCDelaware
FBRT Plum Creek Owner, LLCDelaware
FBRT Printhouse Seller, LLCDelaware
FBRT Printhouse, LLCDelaware
FBRT Riverwalk, LLCDelaware
FBRT Salado Creek Owner, LLCDelaware
FBRT Six Forks Owner, LLCDelaware
FBRT Sub REITMaryland
FBRT SUB REIT TRS LLCDelaware
FBRT TRS Holdco LLCDelaware
FBRT Williamsburg, LLCDelaware
FBRT Woodlands Owner, LLC Delaware
NewPoint Bridge Lending LLCDelaware
NewPoint Holdings JV LLCDelaware
NewPoint JV LLCDelaware
NewPoint JV Sub BB, LLCDelaware
NewPoint JV Sub BSNY Holdco, LLCDelaware
NewPoint JV Sub BSNY, LLCDelaware
NewPoint JV Sub CB, LLCDelaware
NewPoint JV Sub F Q B, LLCDelaware
NewPoint JV Sub I LLCDelaware
NewPoint JV Sub II LLCDelaware
NewPoint JV Sub III LLCDelaware







NewPoint JV Sub IV LLCDelaware
NewPoint JV Sub MM Holdco, LLCDelaware
NewPoint JV Sub MM, LLCDelaware
NewPoint JV Sub WF Holdco, LLCDelaware
NewPoint JV Sub WF, LLCDelaware
Rodeo Sub I, LLCMaryland
Sphere Apartments, LPDelaware
Sphere GP, LLCDelaware
FBRT Westcreek Owner, LLCDelaware